Kalispell Market Report: Residential Homes – August 2022

Kalispell Market Report: Residential Homes – August 2022

Following is an overview of the Kalispell Montana real estate results for the residential market as of August 2022. This report covers the entire residential market, including single family homes, townhouses, condominiums and manufactured homes.

The Kalispell residential market remains on the cusp of a balanced market.

Sales Volume

In the month of August 2022, there were 107 residential sales in Kalispell which is 15% more than last year and 22% more than last month. The increasing number of sales may be due to the lower sale prices. See the “median sales price” section of this report for more information on prices.

Inventory

In terms of available homes on the market, inventory has seen significant upward movement since early this year. The early September listings of 317 are just about flat with last month. The past few months have had more homes on the market than any time in the last several years.

Of the homes currently available, 56 are condominiums, 22 are townhouses, nine are manufactured homes and the rest are single family homes.

In the past twelve months, 1,035 residential homes sold in Kalispell which is an average of 86 per month. With 317 homes currently for sale, that means there is almost four months of inventory currently available which is flat with last month.

Kalispell does remain a seller’s market but only four or five months of inventory would be needed for a balanced market. With nearly 4 months of inventory available, we are getting close to a market where neither buyers nor sellers have the upper hand.

Median Sales Prices

For most of 2021, median price points in Kalispell fluctuated between $400-500K. In January 2022, the median price point returned to the level it was in most of 2021, which was $447K. And February’s median price point was $475K, a slight increase. The March median sales price jumped to $513K, April was at $572K, May was $595K and surprisingly enough June was $653K. So while everything else was pointing to a market that was moving more towards a balanced one, as of June, prices were not in alignment. I indicated previously that this could be strictly a timing issue, as homes that close were under contract a month or two earlier. That seems to have played out, as the July median price point dropped to $534K ad August was $525K.

Another interesting data point is that 40% of all currently listed homes have seen recent price decreases. The median amount of decrease in price is 7%, but it has reached a 35% reduction for some homes. September has even more inventory with price decreases than we saw last month.

Type of homes being sold

To get an idea of the types of homes that are selling in Kalispell, the lowest priced home that sold in August was a three bedroom, one bath home on a fifth of an acre on the east side of town. It sold for less than $250K. The most expensive home was a five bedroom, five bath ~5,500 square foot home with 10 acres of land with riverfront access. This home sold for around $5M.

Kalispell has just about any kind of property you can imagine. Brand new four bedroom homes, large custom homes, manufactured homes, small off-the-grid cabins and everything in between!

Summary

The residential real estate market in Kalispell Montana is right on the cusp of being considered a balanced market.

If you have any specific questions about Kalispell or any other part of the Flathead Valley or would like to see the market data for a specific residential segment, feel free to contact me.

If you are wondering what you might be able to get for your Montana home, or need help selling your home or finding the perfect new land or home to purchase, call me! I can be reached at 406-270-3667 or kat@thehousekat.com.

For more information on Kalispell, Montana, feel free to read this overview.

Previous Kalispell MT market reports can be found here.

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